The $5-a-month product opens up access to 24-hour credit monitoring from all three credit reporting agencies, up to $2,500 in insurance to help cover qualified expenses incurred in identity recovery and Card Patrol, a product that monitors activity on up to 10 debit or credit cards.

"At Regions we understand that our customers rely on us to provide not only financial products and services, but financial security as well," said Scott Peters, Chief Marketing Officer for Regions Financial. "Regions IdentityProtect complements our existing safeguards against fraud and offers customers peace of mind by making identity theft protection simple."